Morgan Stanley's chief investment officer Mike Wilson, a long-standing bear on markets, foresees a significant correction for U.S. stocks despite current record highs. Wilson's cautious stance stems from the over-reliance on tech giants such as Nvidia, Apple, and Microsoft, which dominate the S&P 500's market weight. He believes a near-term pullback is inevitable, predicting a 10% correction before the election, leading to a choppy third quarter. Wilson emphasizes the importance of second-quarter earnings, with financials expected to play a minor role compared to tech and communications services. Despite his bearish outlook, Wilson views the impending correction as an opportunity to buy into high-quality growth stocks with strong balance sheets. While he remains cautious, his price target of 5,400 points for the S&P 500 places him on the bullish side compared to his Wall Street counterparts.